Gen x leads us housing market recovery

Young families and adults aged 31 to 45 are likely to lead the property buying recovery in the United States, according to real estate experts taking part in a National Association of Home Builders seminar.

These potential home buyers are most likely to think it’s a good time to get off the fence and have strong opinions about the design features their new homes will include. ‘The Generation X population cohort isn’t the largest, but it’s the most mobile. They are in full force with their careers and they need to accommodate growing families,’ said Mollie Carmichael, principal of John Burns Real Estate Consulting in Irvine, California.

'In sharp contrast, even though they constitute 41% of prospective home buyers, Baby Boomers continue to wait for the market to improve, and their decisions to delay retirement also delay their decisions to downsize into a smaller home,’ Carmichael added.

Most of the 10,000 buyers and potential buyers in 27 metro areas that the consulting company surveyed were optimistic about a new home purchase, with between 85% and 89% saying that it was a good time to buy a home.

Source: Property Community